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Michael Bloomberg Proposes Tightening Crypto Regulation

19 February 2020 14:32, UTC
Michael Bloomberg Proposes Tightening Crypto Regulation
By Anna Martynova

US presidential candidate Michael BLOOMBERG proposes stricter consumer protection measures, as well as clarification of the crypto assets tax. Bloomberg believes that it is necessary to oblige financial institutions to conduct careful risk monitoring and collect information about all transactions in a single database. In addition, there is a need to create clear regulatory frameworks.

In his opinion, it is worth clarifying the following issues: when the token is a security, when and how to pay taxes, what standards must be followed by service providers in the crypto industry.

This is not the only news from the United States — the Internal Revenue Service (IRS) invites cryptocurrency companies, as well as advocates, to attend the March 3 summit in Washington DC. The summit topics are:

  • regulatory guidance and regulatory compliance,
  • preparation of tax returns,
  • issues about cryptocurrency exchanges and technology updates.
This year, for the first time, the issue of crypto assets and their declaration in form 1040 will be included. Speakers from both the governmental and private sectors are invited to speak. Bitnewstoday follows the developments.

Image courtesy of AP News

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